Dogecoin price reacts positively as whales accumulate 230 million coins pushing the canine-themed meme coin from $0.20 to $0.22.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
3 mins read
Dogecoin DOGE $0.22 24h volatility: 4.1% Market cap: $33.44 B Vol. 24h: $2.35 B has recorded more than an 8% increase in price value following some buying actions by whales.
Top cryptocurrency analyst Ali Martinez, aka ali_charts, claimed that some whales accumulated 230 million DOGE within 24 hours, coinciding with the slight rally in the value of the coin.
The massive purchase of 230 million DOGE is an indication that there is still large-scale institutional interest in the canine-themed meme coin.
230 million Dogecoin $DOGE bought by whales in 24 hours! pic.twitter.com/dYiCadxLtz
— Ali (@ali_charts) August 8, 2025
DOGE is currently trading at $0.2229, following an 8.2% increase in price over the last 24 hours. Its market capitalization and 24-hour trading volume are equally at their best at the moment.
The trading volume has increased by 146.64% to reach $2.94 billion while the market cap is at $33 53 billion.
This is a positive shift, considering that the DOGE price was at $0.20 barely 24 hours ago. The sudden gains have caught many traders, investors, and market watchers by surprise.
Experts have already spotted a new resistance forming at $0.222-$0.224, but $0.220 seems to be a stable support level for the memecoin.
DOGE daily price chart. | Source: TradingView
In addition, market participants are looking forward to consolidation before the next directional move with RSI in neutral range and price above the 9-day moving average.
There is a possibility that DOGE will face resistance at $0.23-$0.28 range with a potential breakout to $0.25 or a pullback to $0.18. Both scenarios depend heavily on shifts in momentum.
DOGE still needs to close above the $0.23 level if it intends to confirm a bullish reversal. Failure to break $0.228 could fuel a pull back toward the lower band near $0.18.
This $0.18 price level could be favored by crypto liquidations, which have not gone overboard recently.
Meanwhile, more whale accumulation of the digital asset could serve as a strong catalyst for a price rally.
Some time in July, Dogecoin whales bought 310 million DOGE in a day, and this raised some heat in the ecosystem.
At this point, analysts and market watchers were certain that DOGE would make a larger move towards the anticipated $1 price tag.
There is still time for the coin to hit this level, supported by strong catalysts.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.